Category: Banking and Finance

Three and four-year bond yields plunged around 30 basis points today as dealers scrambled to grab the bonds.The weighted average yield of the 3 year bond fell 28 basis points to 10.06 %, while the 4 year bond yield fell 31 basis points to 10.07%.rn rnThe two one and a half billion medium term bond […]

Interest for a stake in the lotteries business has dwindled to one bidder, from nearly 40 contenders vying for the gamble at the start of the process in December 2002. Leading bluechip firms, game operators (casinos and bookkeepers) and international lottery managers were among the firms interested, PERC officials said in an earlier in January […]

State owned Sri Lanka Insurance Corporation reported healthy profits despite rising reinsurance premiums.The insurance giant reported a provisional Rs. 753 mn profit for last year, the second highest in its history.rn rnA record Rs. 1.1 bn profit in 2001 came on the back of nearly Rs. 700 mn in investment income.rn rnThe company earmarked for […]

Savings giant NSB got a top SL AAA credit rating from Fitch Ratings Lanka. The rating denotes the highest credit quality and maximum safety.rn rnThe national savings bank becomes only the second bank in the country after Citibank, to get the top credit ranking.rn rnNearly 80 percent of the deposits at the national savings bank […]

National Savings Bank got top billing by becoming the first local bank to secure a SL AAA (Triple A) national rating from Fitch Ratings Lanka Ltd for its implied long-term unsecured senior debt.Citibank N.A.s Sri Lankan operation recently secured a SL AAA for its senior debt.rn rnSL AAA long-term rating denotes a very low expectation […]

Sate insurance giant Sri Lanka Insurance Corp. (SLIC) posted a provisional Rs. 753 mn profit for 2002, despite rising reinsurance premiums.Net earnings in 2001 were Rs. 1.16 bn, an unusual year when it booked heavy investment income of Rs. 700 mn. rn rnThe company earmarked for privatisation next month said its premium income grew by […]

The Asian Development Bank (ADB) is giving US$ 150,000 by way of technical assistance to carry out a survey on Sri Lankas business climate.ADB on Wednesday said the study would look at Sri Lankas investment climate and productivity aims to foster private sector development that contributes to long-term poverty reduction.rn rnThe survey will look at […]

The International Finance Corp (IFC) has offered a US$ 10 mn term loan facility to strengthen Commercial Banks lending portfolio.ldblquote We are finalising the terms and conditions, and the funds will go towards our medium-term dollar loans and other foreign currency lending facilities, dblquote Commercial Banks DGM, Ranjith Samaranayake told LBO. rn rnSri Lankas largest […]

Capitalising on recent budget initiatives, Nextventures Ltd, is seeking Rs. 300 mn through a private placement to start a new fund.Nextventures Fund One (Pvt) Ltd is a close-ended fund with a five-year life period.rn rnThe fund will mainly invest in lquote knowledge and technology based companies like software, e-commerce, networking, wireless, Internet infrastructure and so […]

Commercial Bank of Ceylon has floated a share ownership trust called Jaycey Trust Services to acquire and hold shares on behalf of its employees.In a statement to the Colombo Stock Exchange, the bank said SEC rubber stamped the deal last week to buyback 5 percent of its shares held by Sri Lanka Insurance Corp at […]

Peoples Bank reported a billion rupee in profits last year, the largest in its history.The bank has managed to now cut in half its negative net worth over the last two years.rn rnBut top management in an exclusive interview warned that profit numbers were not entirely due to an improvement in the banks performance.rn rnldblquote […]

Citibank became the only foreign bank to get a credit rating on the local scale when they made public their AAA rating. The bank says the rating obtained for franchise reasons will also be useful if the government makes it mandatory for commercial banks to make public their credit ratings.rn rnldblquote It is still not […]